It deals in human resources technology, focusing on fully automatic, online payroll systems. Paycom Software, better known as Paycom, is an American giant in the field. The Oklahoma-based Chad Richison company is credited with pioneering the use of fully online payroll systems and setting the standards for maintaining and updating other companies’ payrolls. The story of how one of the fastest-growing companies in the world started with a small idea from a young entrepreneur.
A native of Oklahoma, Chad Richison is the founder of Paycom. He attended Tuttle High School and then enrolled at the University of Oklahoma between 1989 and 1993 to complete his degree. At 27, Chad Richison left the payroll processing industry to start Paycom. He has been the company’s President and Chief Executive Officer since then.
The native of Oklahoma moved into human resources management after working as a payroll salesman at a payroll agency. Eventually, he quit his job and moved home to start Paycom after working for another payroll service provider in Colorado. As a result of his work at these companies, Richison gained extensive knowledge about the payroll industry, and it was at that point that he realised the sector was held back by technology.
The native of Oklahoma moved into human resources management after working as a payroll salesman at a payroll agency. Eventually, he quit his job and moved home to start Paycom after working for another payroll service provider in Colorado. As a result of his work at these companies, Richison gained extensive knowledge about the payroll industry, and it was at that point that he realised the sector was held back by technology.
His attention was immediately turned to charity once Paycom started making money, and Richison contributed to several NGOs in Oklahoma. A year ago, Richison contributed $10 million to his alma mater’s athletics program to build the complex, followed by another $4 million to complete the project.
Furthermore, he founded the Green Shoe Foundation, a nonprofit organisation that helps adults deal with and overcome childhood trauma. Richison discovered that the payroll industry’s biggest problem was the lack of clever storage and sorting databases; Richison started Paycom. This company offered these services for a reasonable price.
It was Richison’s job during the company’s early days to go door-to-door and ask people if they wanted such a service and even make thousands of phone calls to acquire customers. Therefore, Richison was a salesman and CEO at the same time. A major challenge Richison faced as a twenty-seven-year-old was convincing nave clients about the potential of the internet.